Business
NNPCL Admits $6 Billion Debt, Fuel Scarcity Continues
The Nigerian National Petroleum Company Limited (NNPCL) has publicly acknowledged facing a major financial challenge, which could undermine the sustainability of fuel supplies across Nigeria.
In a statement released on Sunday, September 1, the company addressed recent media reports about its growing debt to fuel suppliers.
According to the company, the debt has now reached a staggering $6 billion, a situation that has significantly impacted fuel supply operations.
Due to this mounting debt, many fuel suppliers have scaled back on the amount of petrol they provide to NNPCL.
This reduction in supply has directly contributed to the prolonged petrol scarcity that has plagued the country for over six weeks.
The company noted that the current financial strain is creating difficulties in maintaining consistent fuel distribution and has urged stakeholders to work collaboratively to resolve the issue.
NNPCL’s admission of the debt has drawn attention to the broader concerns regarding the nation’s fuel supply chain, raising fears of further disruptions unless the financial crisis is addressed.
The ongoing scarcity has already begun to affect businesses, transportation, and the daily lives of many Nigerians.
The Lagos Port Complex in Apapa welcomes the largest container vessel ever to the Nigerian port with a capacity of 7000 TEUs. This events marks as a milestone for Nigeria and shows the growth in the country’s trade. The vessel, operated by COSCO Shipping, measures 272 meters in length and is expected to enhance the port’s efficiency.
The terminal operator at the APM Terminal states that this achievement will strengthen Nigeria’s import and export abilities and serves as a good reputation. This event has expanded the presence of Nigeria’s port and can start to make positive changes in the economic state of the country.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Lagos Port Welcomes the Largest Container Vessel Ever to Nigerian Port
President Tinubu Advises Media on Democracy and Government Accountability
Mariah Carey Opens Holiday Bar For Christmas and Her Hit Anniversary
AI Avatar Design: A Low-Competition Fiverr Keyword for New Freelancers
“Egg Prices Could Soar to N10,000 per Crate” – Poultry Farmers Warn
Abba Kyari, Suspended Deputy Commissioner of Police, Denied Bail and Returned to Prison
FG Counsel Refutes Claims of Arraigned Protesters Being Minors, Labels Them Adults and Married Men
Love Island’s PPG Dresses As PowerPuff Girls For Halloween, Fans React
Nigerian Mother Stops Woman on the Street, Proposes She Marries Her Son”
-
Politics6 days agoPeter Obi Calls for Reversal of Rivers State Fund Freeze
-
Entertainment1 week agoTiwa Savage Hints At Diddy-Like Scandal In The Nigerian Music Industry
-
Entertainment6 days ago“Chineke!” Skepta Exclaims Over Tiwa Savage’s Mesmerizing Beauty
-
Entertainment6 days agoBobrisky Detained by EFCC While Trying to Board London Flight
-
Entertainment1 week agoPhotos- Chloe Bailey Dresses Up As Jessica Rabbit For Halloween
-
Entertainment4 days agoMargot Robbie Welcomes First Child With Tom Ackerley
-
Politics5 days agoKwankwaso Condemns Arraignment of 67 Minors for Protest, Calls for Focus on Nigeria’s Real Issues
-
Entertainment1 week agoLove Island’s PPG Dresses As PowerPuff Girls For Halloween, Fans React